I know that everyone is anxious and probably even fearful of the impending reduction in workforce actions. While I do understand that many people in this forum may be worried about their own personal career, there are many factors which contribute to the need for Schwab to reduce our expense position.
Peter and others on the executive council have to weigh a tremendous amount of pressures from the market, the Federal positions, and most importantly, our customers who rely on a company like ours to provide sound direction in order to navigate the economic conditions that we find ourselves in.
With the completion of the Ameritrade brokerage account migration, our company has become one of the largest retail brokerage firms in the U.S. This is a significant milestone for our company, which could only have been achieved with ALL of your help. This means that we enter a whole new adventure to truly see through our client’s eyes.
The past year has exposed many banking institutions’ holdings, but Schwab remains strong with our long term vision and direction. Our ability to keep our clients’, shareholders’, and stakeholders’ interests at the forefront of our mission is critical to the success of this company.
So, again, while it may be an anxious and fearful time for many of our employees, we are with you and we understand what you are feeling.
However, in order for Schwab to remain competitive as a market leader and to continue to build wealth for all of our clients, we must, as an organization, take the pending measures to reduce our expenses. This is a difficult time for all of us.
The EC supports anyone and everyone potentially affected by these pending actions. Schwab is a family, and our teams will continue to provide support for anyone affected by the need to support our clients.